Fame & Fortune: Mamas and Papas' Michelle Phillips Still California Dreamin' -- 'Life has been good'
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Bankrate: Are you doing more music or more acting now?

Michelle Phillips: I'm doing more cooking than anything. When the right job comes along, I love to act, but I don't just work for the sake of working. I don't have to do that. I just got to sing with Gladys Knight in a movie called "Unbeatable Harold." We sang a gospel song together.

Bankrate: Considering current performing fees, royalties and residuals, which is a bigger source of income for you, acting or music?

Michelle Phillips: That's hard to say. The great thing about being a performer and working in TV a lot, and working in records and being a songwriter, is that royalties just keep coming in. I suppose at this point there are more Mamas and Papas royalties coming in than any other royalties.

Bankrate: If you had done nothing else in your life but co-write "California Dreamin'," would that have been enough to relax and just float along for the rest of your life, if you had wanted to?

Michelle Phillips: Probably. It depends on your lifestyle. I have no idea because I don't break it down like that. I don't break down my "California Dreamin'" royalties compared to the rest of my Mamas and Papas royalties.

Bankrate: It comes in one lump sum?

Michelle Phillips: Yeah. So I don't know. I just know it's a better thing that I did write the song with John than if I hadn't.

Bankrate: As an investor, are you a heavy real estate person?

Michelle Phillips: I love real estate. I am probably the only person you'll ever talk to who has invested in THREE really successful restaurants. That's normally the worst investment you can possibly make. I own shares in three big restaurants -- El Cholo Santa Monica, El Cholo Pasadena, and The Sonora Cafe.

Bankrate: And that's been a great investment for you?

Michelle Phillips: It sure has. And I knew it would be, because the people I went into business with have been in the restaurant business for 80 years. These are family-owned businesses, and when you see that a restaurant is run so well and so professionally, and you have an opportunity to get your foot in the door at their next restaurant, you do. And they have never disappointed.

Bankrate: Has that been your main investment?

Michelle Phillips: No. I have investments in stocks, but I hate stocks, so I couldn't even tell you. I invest in stocks because your accountants love you to invest in the stock market. Otherwise I wouldn't, because I don't have any interest in it. But it's been good.